Edgar Filing: SASOL LTD

Page 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K for March 10, 2014

Commission File Number 1-31615

Sasol Limited

1 Sturdee Avenue

Rosebank 2196

South Africa

(Name and address of registrant’s principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or

Form 40-F.

Form 20-F __X__ Form 40-F _____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T

Rule 101(b)(1): ____

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to

provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T

Rule 101(b)(7): ____

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to

furnish a report or other document that the registrant foreign private issuer must furnish and make public
under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized

(the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s
securities are traded, as long as the report or other document is not a press release, is not required to be

and has not been distributed to the registrant’s security holders, and, if discussing a material event, has

already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also

thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange

Act of 1934.

Yes _____ No __X__

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-

2(b):

82-_______________.

Enclosures: Reviewed interim financial results for the six months ended 31 December 2013

Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Sasol Ordinary Share codes: JSE : SOL NYSE : SSL
Sasol Ordinary ISIN codes: ZAE000006896 US8038663006
Sasol BEE Ordinary Share code: JSE : SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
("Sasol" or "the Company")

Reviewed interim financial results
for the six months ended 31 December 2013

HIGHLIGHTS

Committed to excellence in all we do, Sasol is an international integrated energy and chemical company that
leverages the talent and expertise of our more than 34 000 people working in 37 countries. We develop and
commercialise technologies, and build and operate world-scale facilities to produce a range of high-value
product streams, including liquid fuels, chemicals and low-carbon electricity.

- Strong group operational performance
- R723 million spent on socio-economic and skills development in South Africa
- Sasol Synfuels' normalised production volumes up by 3%
- Normalised cash fixed costs below SA PPI of 6,4%
- Operating profit up 33%, excluding once-off items
- Headline earnings per share up by 26% to R30,19 off a record base
- Cash generated from operations up 50%
- Record interim dividend of R8,00 per share, up by 40%

Segment report for the period ended

Operating profit/(loss) after

Turnover

remeasurement items

million

full year

half year

half year full year

30 Jun 13

31 Dec 12

31 Dec 13 Business unit analysis

31 Dec 13

31 Dec 12 30 Jun 13

145 954

70 574

82 926

South African energy cluster

21 189

16 536

36 616

12 324

6 180

6 978 Mining

1 351

1 302

2 214

8 081

3 998

4 784 Gas

2 626

1 967

3 919

58 275

27 959

31 800 Synfuels

16 223

12 458

28 624

67 274

32 437

39 364 Oil

989

809

1 859

Other

4 515

2 238

2 766 International energy cluster

(6 572)

(1 159)

(2 877)

881

429

358

Synfuels International

(435)

(452)

(991)

3 634

1 809

2 408 Petroleum International

(6 137)

(707)

(1 886)

98 943

45 740

57 778 Chemical cluster

3 644

1 823

3 022

17 759

8 339

10 362 Polymers

(351)

(1 124)

(1 506)

20 728

9 601

8 850 Solvents

358

825

41 278

18 417

26 401 Olefins & Surfactants

2 749

1 568

3 580

19 178

9 383

12 165 Other chemical businesses

888

1 350

123

368

610

Other businesses

1 120

1 080

2 018

249 780

118 614

144 080

19 381

18 280

38 779

(79 889)

(38 764)

(45 812) Intersegmental turnover

169 891

79 850

98 268

OVERVIEW

Full steam ahead

"Looking at the first half of the 2014 financial year, safe, reliable and efficient operations remain at the
core of everything we do at Sasol. Coupled with ongoing operations improvements, advancements on our capital
projects, and an enhanced group-wide safety focus, we continue to deliver sustainable value for all of our
stakeholders.

With July the 1st fast-approaching, we are moving full steam ahead to go live with our new operating model,
which will drive streamlined management structures, cost-effective processes and meaningful savings."

David E Constable, Chief Executive Officer

Interim results overview

Earnings attributable to shareholders for the six months ended 31 December 2013 increased by 5% to R12,7
billion from R12,2 billion in the prior year*. Headline earnings per share increased by 26% to R30,19, and
over the same period, earnings per share increased by 4% to R20,88. Excluding the impact of net once-off
remeasurement items, amounting to R5,7 billion, earnings attributable to shareholders increased by 25%
compared with the prior year on a similar basis.

Sasol recorded an operating profit, after remeasurement items, of R19,4 billion for the period, excluding our
share of profits of equity accounted joint ventures and associates of R2,2 billion, which includes our ORYX
GTL plant. This achievement was on the back of a strong operational performance from our global businesses,
coupled with a 19% weaker average rand/US dollar exchange rate (R10,08/US$ for the six months ended 31
December 2013 compared with R8,48/US$ for the six months ended 31 December 2012), as well as a relatively

flat average Brent crude oil price (average dated Brent was US$109,83/barrel at 31 December 2013 compared
with US$109,81/barrel at 31 December 2012) and improved chemical prices.

Earnings attributable to shareholders in the current period were negatively impacted by net once-off charges
totalling R5,7 billion (31 December 2012 - R3,6 billion). These items relate primarily to the R5,3 billion
(CAD540 million) impairment of our Canadian shale gas assets, the final loss of R198 million on the disposal
of our Arya Sasol Polymer Company (ASPC) investment, the impairment of the Sasol Solvents Germany disposal
group held for sale of R466 million and the fair value gain of R110 million related to the acquisition of the
remaining 60% shareholding in Wesco China. These once-off items also include a gain of R453 million relating
to the profit on disposal of our 49% share in Spring Lights Gas.

* All comparisons refer to the prior year comparative period, as restated for the adoption of the new
consolidation suite of accounting standards unless otherwise stated (refer to the basis of preparation and
accounting policies section of this announcement for details thereon).

"Across our global operations, we are maintaining our strong cash flow generation ability. We continue to
deliver value to our shareholders through the strong performance of our businesses, the advancement of our
growth projects and the execution of our progressive dividend policy. Our balance sheet remains resilient and
provides a sufficient buffer for volatility."

Paul Victor, Acting Chief Financial Officer

First half 2014 highlights

Sasol Synfuels delivered better than expected production volumes for the period of 3,7 million tons (mt) (31
December 2012 - 3,7 mt), despite the east factory total and phase shutdown, which took place in September
2013. This was the largest ever shutdown at Sasol Synfuels, consisting of 155 822 activities undertaken with
an additional 36 000 people on site. Normalised Sasol Synfuels volumes increased by 3% on a comparable basis.

Production performance at our ORYX gas-to-liquids (GTL) plant, which achieved a year-to-date average
utilisation rate of 94%, exceeded our expectations.

In our European chemical businesses, we continue to optimise our production volumes and margins, in light of
the slower than expected tenuous recovery of the European market. However, our Sasol Olefins and Surfactants
business has delivered improved business margins, specifically in the US, while our Sasol Polymers business
has performed better than expected.

Cash fixed costs, excluding the impact of a weaker exchange rate and once-off and growth costs, decreased
marginally by 0,2% in real terms, despite a challenging South African cost environment, driven by high
labour, maintenance and electricity costs. Notwithstanding, our current cost inflation is in line with the
South African producers' price index inflation trends of 6,4% for the first half of the 2014 financial year.
The total costs for the first half of the 2014 financial year increased by 20% compared to the prior year.
Normalised for exchange rate movements of 12%, higher costs associated with increased volumes of 3% and a 3%
increase in depreciation, our total costs increased by 2% related to inflation. To ensure that we sustainably
reduce our cost base, we have taken important strides in our management-led business performance enhancement
project.

Cash flow generated from operations increased by 50% to R28,1 billion compared with R18,7 billion in the
prior year. However, this was offset by increased working capital, both as a result of price and volume
effects. Capital investments for the period amounted to R20,0 billion, in line with our expectations.

Taking into account the ongoing strength of our financial position, current capital investment plans, as well
as our progressive dividend policy, the Sasol board of directors has declared an interim dividend of R8,00
per share, which is an increase of 40%, compared with the prior year. This approach supports our commitment
to consistently return value to our shareholders.

Driving business effectiveness

Since launching our business performance enhancement programme in 2013, we have finalised the design of our
new group-wide operating model including its related top management structures, which will become effective
on 1 July 2014.

Our new group executive committee structure is aligned with our future value chain-based operating model,
comprising four distinct groupings:

- Operating Business Units, which comprise our mining and upstream oil and gas activities;
- Regional Operating Hubs, which include our operations in Southern Africa, North America and Eurasia;
- Strategic Business Units, which focus on our commercial and enhanced customer interfaces within the
energy and chemicals arenas; and
- Group Functions, which will deliver fit-for-purpose business support services and solutions.

By the end of the 2014 financial year, we expect to have reorganised most of our senior management structures
and refined our financial reporting processes, in line with the new operating model. Focus on safety,
operational stability and compliance will remain key during this period.

Together with the implementation of our new management structures and related corporate governance framework,
we are introducing key systems and process changes, to ensure a simplified, cost-effective, efficient,
competitive organisation.

At our 2013 year-end results announcement we confirmed that through this programme, we expect to generate
sustainable annual savings of more than R3 billion. Based on our current analyses, we are confident that we
will exceed this savings target, 30% to 40% of the savings expected to be realised by the end of the 2015

financial year. The full benefit of our management interventions will be evident from the 2016 financial
year. Cash fixed cost trends are expected to follow inflation.

The majority of the savings identified related to optimising external spend, improving operational
productivity and restructuring the organisation. The new operating model will also result in simplified and
fit-for-purpose functional support. Our 2014 financial year savings is trending to be more than R200 million.

The cost of implementation approximates R1,2 billion for the 2014 financial year, which includes project
costs, costs associated with the reconfiguration of our enterprise resource planning (ERP) systems and
restructuring expenses. The costs associated with this programme are expected to be incurred over the next
three years, with the majority being incurred in the 2014 and 2015 financial years.

Delivering on growth projects and driving operations excellence

We are encouraged with the headway we are making in delivering on our project pipeline:

- Looking at our growth projects:

- We continue to progress with the front-end engineering and design (FEED) phase of our US growth programme,

which includes an integrated, world-scale ethane cracker and downstream derivatives complex and a GTL
facility in Westlake, Louisiana. It is anticipated that we will reach the final investment decision (FID)
for the ethane cracker and downstream derivatives project during the 2014 calendar year, with the FID for
the GTL facility to follow 18 to 24 months thereafter.

- With our joint venture partner, Ineos, we are advancing with the FEED phase on a high density polyethylene

plant in the US. We also expect to reach an FID on this project during the 2014 calendar year.

- We are in an extended FEED phase on our Uzbekistan GTL project. The majority of the technical FEED

activities have been completed. FID for this project is, amongst others, dependent on securing appropriate
project funding, as well as confirming a suitable partner to take up 19% of our current stake in the
venture. We anticipate that we will reach financial close during the second half of the 2014 calendar year.

- In Nigeria, the Escravos GTL project is progressing steadily with commissioning and start-up activities.

Beneficial operation in respect of the first train is expected to be achieved during the first half of the
2014 calendar year.

- Focusing on our foundation businesses:

- We have successfully commissioned the ethylene purification unit (EPU5) in Sasolburg. The project was

completed on time and within its approved budget. The EPU5 project increases ethylene volumes for our
polyethylene plants by approximately 47 kilotons annually. Furthermore, the construction of the R1,3
billion C3 stabilisation project in Secunda remains on track and is expected to be in operation in the
middle of the 2014 calendar year.

- In February 2014, we successfully completed commissioning of the tetramerisation project in Lake Charles,

Louisiana. This first-of-a-kind technology to selectively convert ethylene to higher value co-monomers, 1-
octene and 1-hexene, is currently in start-up and first product was successfully produced. We expect that
the plant will be fully operational by the middle of the 2014 calendar year.

- The Sasol Synfuels growth programme remains on track and is nearing completion. Beneficial operation of the

entire programme is still expected to be reached at the end of the 2014 calendar year. The complex
brownfields volatile organic compound (VOC) abatement project, along with the replacement of tar tanks and
separators and the coal tar filtration (CTF) east project are experiencing schedule and cost pressures. The
capital cost and schedule of these projects have been reassessed. The VOC abatement and CTF projects'
beneficial operation dates have been extended to the middle of the 2016 calendar year and the first half of
the 2017 calendar year, respectively. The total approved cost of these three projects is estimated at R7,5
billion.

- Sasol Mining's R14,0 billion mine replacement programme continues to progress steadily. It is anticipated

that the Impumelelo and Shondoni collieries will reach beneficial operation during the first half and
second half of the 2015 calendar year, respectively. The slight delay in reaching beneficial operation is
as a result of shaft sinking constraints experienced at Impumelelo and water challenges experienced at
Shondoni, which have now been resolved. Both projects are still anticipated to be completed within budget,
without any impact on the supply of coal to the Sasol Synfuels business.

- Construction on the FT wax expansion in Sasolburg continues. The commissioning of phase 1 is now expected

to take place during the fourth quarter of the 2014 calendar year, seven months later than previously
communicated. The delay in phase 1 is mainly due to the underperformance of key contractors. Commissioning
of phase 2 of the project remains on track. The revised total project cost for both phases is estimated at
R13,6 billion. No further impairment of this project is currently considered necessary.

- Construction of the R1,98 billion loop line from Mozambique to Secunda, which will enable additional gas

monetisation in Mozambique, is progressing well. Beneficial operation is expected during the second half of
the 2014 calendar year and the project is expected to be completed within budget.

- We continued to advance the development of the US$246 million 140 megawatts gas-fired power plant at

Ressano Garcia, Mozambique, in partnership with the country's state-owned power utility Electricidade de
Mozambique. Beneficial operation remains on track for the middle of the 2014 calendar year and will be
within budget.

- Turning to our upstream activities:

- The Production Sharing Agreement (PSA) development project in Mozambique advanced from pre-feasibility to

feasibility. The full field development plan for the PSA is on track to be submitted to the Mozambican
authorities by the 25 February 2015 deadline.

- Offshore Gabon, we are maturing and developing additional proven oil reserves to maintain and potentially

boost production in the non-operated Etame Marin Permit (EMP) for an amount of US$168,2 million. Progress
on the development of the Etame expansion project and the South East Etame and North Tchibala projects are
on track for beneficial operation in the 2015 calendar year.

Operational performance

South African energy cluster

Sasol Mining - increased mining costs

Operating profit of R1 351 million was 4% higher than the prior year. Operating profit was negatively
impacted by increased mining costs, coupled with flat production volumes, as well as additional external coal
purchases to sustain demand. Lower sales volumes to Sasol Synfuels and the export market further contributed
negatively. However, in contrast, Sasol Mining benefited from higher sales prices to Sasol Synfuels, as well
as the weaker rand/US dollar exchange rate.

Sasol Gas - higher sales prices and volumes

Operating profit, excluding remeasurement items, increased by 11% to R2 173 million compared to the prior
year. This was mainly as a result of higher sales prices and a 4 million gigajoules (or 5%) increase in sales
volumes. Operating profit includes a gain of R453 million recognised on the disposal of our investment in
Spring Lights Gas.

Sasol Synfuels - higher prices, stable volumes due to planned shutdown

Sasol Synfuels' operating profit increased by 30% to R16 223 million compared to the prior year, primarily
due to a weaker average rand/US dollar exchange rate resulting in favourable product prices and improved
margins. Production volumes of 3,7 million tons were stable compared to the prior year, despite the east
factory total and phase shutdown, which took place in September 2013, compared to only a phase shutdown in
the prior period. Normalised Sasol Synfuels volumes increased by 3% on a comparable basis. Cash unit costs
increased by 6,9% compared to the prior year, which is now in line with the South African producers' price
index. This is
as a result of production stability and ongoing management efforts to contain costs.

Sasol Oil - higher margins coupled with higher volumes

Operating profit increased by 22% to R989 million compared to the prior year primarily due to improved crude
refining and higher sales and marketing margins. However, foreign exchange losses on commodity derivatives,
due to the weaker rand/US dollar exchange rate, impacted negatively on operating profit. Cash fixed cost
increases were contained to below inflation. Our Natref refinery's operating profit is included in Sasol
Oil's results on a line-by-line consolidation basis, due to the adoption of the new accounting standards, as
referred to in the basis of preparation and accounting policies section of this announcement. Prior to the
adoption of the new accounting standards, Natref was consolidated as a subsidiary. Prior year comparative
amounts have been restated accordingly. Production volumes increased by 12% compared to the prior year, due
to higher volumes at Natref, primarily as a result of postponing the facility's planned shutdown to the
second half of the 2014 financial year.

International energy cluster

Sasol Synfuels International (SSI) - higher ORYX GTL volumes

SSI's operating loss of R435 million decreased by 4% compared to the prior year. This was mainly due to lower
US GTL study costs, as this project has moved to the FEED phase.

As a result of the adoption of new accounting standards, as discussed in the basis of preparation and
accounting policies section of this announcement, ORYX GTL has been accounted for as an equity accounted
joint venture and is no longer proportionately consolidated. Income from equity accounted joint ventures,
including ORYX GTL, increased by 13% to R1 898 million from R1 679 million in the prior year. The increase is
mainly due to the contribution of higher volumes at the ORYX GTL plant in Qatar, supported by the weaker
rand/US dollar exchange rate. The ORYX GTL facility, which has maintained a zero recordable case rate (RCR),
achieved a year-to-date average utilisation rate of 94% of nameplate capacity.

Sasol Petroleum International (SPI) - Mozambique volume growth, however, low North American gas prices impact
Canadian asset performance

SPI recorded an operating loss of R6 137 million compared to an operating loss of R707 million in the prior
year. SPI's African volume-producing businesses reflected an operating profit of R1 187 million, on the back
of improved production from our Mozambique and Gabon assets. Total gas sales from Mozambique increased by 12%
compared to the prior year. The Pande and Temane gas fields in Mozambique performed well and, in addition, we
are planning for significant growth in the Production Sharing Agreement (PSA) area in Mozambique. Although
Gabon's oil production is slowly declining, we are maturing additional volumes to sustain the life of the
asset.

Our Canadian shale gas asset in Montney generated an operating loss of R6,5 billion, including an impairment
of R5,3 billion (CAD540 million) and depreciation of R1,3 billion (CAD131 million) for the period. Our
Montney investments remain under pressure due to low North American gas market prices and high depreciation,
both of which contributed to the operating loss for the period. In conjunction with our future joint venture

partner, Progress Energy, we currently have two drilling rigs in operation. Cash flow from our upstream
Canadian operating activities remains positive.

Chemical cluster

Sasol Polymers - improved margins and volumes in South African business

Sasol Polymers recorded an operating loss of R351 million compared to an operating loss of R1 124 million in
the prior year. The South African polymers business recorded an operating loss of R363 million (2012 - R1 187
million). Sales and production volumes were 1% and 7%, respectively, higher than the prior year mainly due to
improved plant efficiencies as well as plant stability benefits being achieved through the commissioning of
EPU5 in October 2013. Margins have also improved on the back of increased US dollar-based prices and a weaker
rand/US dollar exchange rate. Our international operations contributed an operating profit of R194 million,
excluding income from associates and equity accounted joint ventures of R164 million and the loss of R198
million realised on the disposal of our investment in ASPC. This final disposal loss related mainly to the
recycling of the foreign currency translation reserve in the income statement. As a result of the adoption of
new accounting standards, as discussed in the basis of preparation and accounting policies section of this
announcement, ASPC's comparative results have been accounted for as an equity accounted joint venture and is
no longer proportionately consolidated.

Sasol Solvents - higher sales volumes coupled with improved margins

Operating profit increased from R29 million to R358 million compared to the prior year. This is mainly due to
higher product prices, improved solvent sales volumes and a weaker rand/US dollar exchange rate, partly
negated by an impairment of R466 million related to our German operations, which have been classified as a
disposal group held for sale at 31 December 2013. The co-monomers product portfolio has been transferred into
Sasol Olefins & Surfactants from Sasol Solvents, effective 1 July 2013, and their results are excluded in
the operating profit from this effective date. Our operations in Germany remain under pressure as a result of
higher feedstock costs without a commensurate increase in sales prices.

Sasol Olefins & Surfactants (Sasol O&S) - improved volumes and margins in the US compensate for weaker
margins in Europe

Operating profit increased by 75% to R2 749 million compared to the prior year, largely underpinned by higher
production and sales volumes in the US and the weaker rand/euro exchange rate. While our US operations
continued to benefit from improved margins due to low US ethane prices, some of our European-based businesses
remain under pressure as a result of lower volumes and pressure on margins, due to continued high
petrochemical feedstock prices.

Other chemical businesses - improved hard wax volumes, challenging market conditions for Sasol Nitro

Our other chemical businesses' operating profit of R888 million decreased by 34% compared to the prior year.
The operating profit of our Sasol Wax business increased by 24% compared to the prior year, on the back of a
14% increase in sales volumes in South Africa as well as weaker rand/US dollar and rand/euro exchange rates.
Despite the slower global economic conditions, particularly in Europe, sales volumes for the global wax
business have improved over the last 18 months.

Sasol Infrachem's operating profit of R640 million was negatively affected by softer global ammonia prices,
coupled with lower production volumes. The Sasol Nitro business incurred an operating loss of R57 million for
the period. While sales volumes increased slightly, this was offset by lower selling prices and contracting
margins, due to the low ammonia/urea price differential.

Doing business responsibly

We continued to deliver on our broader sustainability and community contributions during the period:

- Our safety incident recordable case rate (RCR) for employees and service providers, including injuries and

illnesses, of 0,34 at 31 December 2013 has improved compared with the RCR rate of 0,36 at 30 June 2013. Our
RCR for employees and service providers, excluding illnesses, is 0,30 at 31 December 2013 (30 June 2013 -
0,31). This performance was overshadowed by three fatalities during the period. Given an enhanced process
safety focus, we have seen a reduction in process- related safety incidents.

- In February 2014, Sasol Mining's Secunda mining rights were extended to 2040 by the Department of Mineral

Resources. This extension further consolidates eight mining rights and two prospecting rights acquired or
applied for previously. These rights provide a basis for the achievement of our South African 2050
strategy.

- Our Ikusasa programme is progressing well. Four areas are focussed on, namely education, health and

wellbeing, infrastructure, and safety and security in the Secunda and Sasolburg regions. As part of our
R200 million commitment for 2014 to the communities in which we operate, we invested R23 million and R46
million in Secunda and Sasolburg, respectively, during the period.

- At Sasol, we believe that education is the foundation of a prosperous future. Providing quality education

and well-equipped schools in rural South Africa is vital to improve job creation opportunities and socio-
economic development. In light of these objectives, Sasol Nitro, in Rustenburg, will be providing three
schools with four classrooms each to alleviate the overcrowding.

- In partnership with South Africa's Department of Energy, Sasol launched an Integrated Energy Centre (IeC)

at Makwana Village, in the Free State Province in January 2014. To date, Sasol has contributed to the
establishment of seven such centres in government-identified poverty nodes. The main objective of these
centres is to bring affordable and sustainable energy services closer to poorer rural communities, by
delivering energy essentials such as petrol, diesel, lubricants and liquefied petroleum gas. These centres
serve as an economic hub for new employment opportunities and serves as an important platform to drive
small business development.

- In October 2013, Sasol, together with the South African Department of Trade and Industry (dti), inaugurated

the ChemCity Business Incubator (CBI) in Sasolburg. The CBI will support and promote the development of
small, medium and micro-sized enterprises. The R60 million facility forms part of the dti's national
campaign to roll out 200 businesses. Sasol, by contributing R41 million, will develop and manage the
facilities as part of its contribution to promote socio-economic development.

- Sasol and General Electric's Power and Water division have, together, developed new water technology that

will clean waste water, while also providing biogas as a by-product for power generation. Sasol will use
this new technology, known as Anaerobic Membrane Bioreactor Technology to further enhance our GTL value
proposition.

- In November 2013, Sasol launched its Sasol turbodiesel TM ULS 10ppm to the South African market. This is

the lowest sulphur content diesel offering available on the African continent. This development is a step
forward in moving South Africa closer to cleaner fuel specifications in line with international standards.
Sasol turbodiesel TM ULS 10ppm already complies with international sulphur and cetane requirements.

- We contributed towards the completion of the South African Department of Environmental Affairs' study on

the greenhouse gas mitigation potential for South Africa. This study forms the basis for the determination
of sector-specific emission budgets towards the end of the 2014 calendar year. We further provided detailed
inputs to the South African National Treasury's proposals on carbon tax design options and considerations.

- Our efforts in the water stewardship arena received two awards. The South African Department of Water

Affairs presented Sasol with the water conservation and water demand management award in October 2013, for
our Emfuleni Municipality project. In addition, Sasol Water Sense won the Mail and Guardian's "Greening the
Future" award in the water management category.

Competition law compliance

We continue to evaluate and enhance our compliance programmes and controls in general, and our competition
law compliance programme and controls, in particular. As a consequence of these programmes and controls,
including monitoring and review activities, we have also adopted appropriate remedial and/or mitigating
steps, and made disclosures on material findings, as and when appropriate.

The South African Competition Commission (the Commission) is conducting investigations into several
industries in which Sasol operates, including the piped gas, petroleum, fertilisers and polymer industries.
We continue to cooperate with the Commission in these investigations. To the extent appropriate, further
announcements will be made in future.

Cash generation supports strong balance sheet

The deleveraged balance sheet reflected an ungeared position of 0,8% at 31 December 2013 compared to the
ungeared position of 1,1% at 30 June 2013. The low gearing is supported by continued healthy cash flow
generation from across the group. This low level of gearing is expected to be maintained in the short term,
but is likely to return to our targeted range of 20% to 40% in the medium term, taking into account our
growth programme as well as our progressive dividend policy.

Profit outlook(+) - strong management focus on improved operational performance and cost reduction

Macro-economic conditions remain volatile. In the near term, we anticipate stable crude oil prices, slightly
improved natural gas prices, slow recovery of chemical product prices and softer refining margins. The
rand/US dollar exchange rate remains one of the biggest external factors impacting our profitability and we
expect a slight strengthening from its current levels. In addition to driving safety performance, compliance
and operational stability, we continue to focus on factors within our control: volume growth, margin
improvement and cost reduction. The current volatility and uncertainty of global markets and geopolitical
activities constrains us from being more precise in this outlook statement.

We expect an overall solid production performance for the 2014 financial year with our production guidance as
follows:

- Sasol Synfuels' volumes are expected to be between 7,3 and 7,5 million tons;

- The average utilisation rate at ORYX GTL in Qatar is expected to remain above 90% of nameplate capacity;
and

- Our shale gas venture in Canada will show marginally decreased production compared to the prior year, due

to reduced drilling activities and less new wells coming on stream. Any significant ramp-up will be
triggered by natural gas price increases, which have shown some recovery in the short term, but remain low.
Nonetheless, we are confident of the long-term opportunities created by these investments, as they continue
to form an integral part of our North America strategy and provide a natural hedge for our downstream plans
in the US.

We remain on track to maintain our improved operational performance. As costs are incurred to ensure plant
stability and the weaker rand continues to exert pressure on our South African businesses, we expect that our
normalised cash fixed costs will increase slightly above the South African PPI inflation. Cost reduction is a
specific target within our short-term incentive scheme and, accordingly, the management team continues to
focus on controllable cost elements. We anticipate that the implementation costs associated with our business
performance enhancement programme, will be approximately R1,2 billion for the 2014 financial year. The
majority of this programme's costs will be spent in the 2014 and 2015 financial years.

(+) The financial information contained in this profit outlook is the responsibility of the directors and in
accordance with standard practice, it is noted that this information has not been reviewed and reported on by
the company's auditors.

Acquisitions and disposals of businesses

On 2 July 2013, Sasol Gas disposed of its 49% share in Spring Lights Gas for a purchase consideration of R474
million, realising a profit on disposal of R453 million.

On 16 August 2013, we disposed of our 50% interest in ASPC for a purchase consideration of R3 606 million
(US$365 million). A final loss of R198 million was recognised on the disposal of the investment. All
outstanding amounts in respect of the purchase consideration have been received in full. As a result of the
transaction, Sasol has no ongoing investments in Iran.

In September 2013, Sasol acquired the remaining 60% shareholding in Wesco China, for a purchase consideration
of R519 million (US$52 million), resulting in a fair value gain of R110 million on the acquisition.

In December 2013, Sasol signed an agreement to dispose of most of its Sasol Solvents Germany GmbH assets. The
conclusion of the sale is dependent on certain conditions being met, including approval by the European anti-
trust authorities. It is expected that, once final transaction approval has been obtained, a loss on the
disposal will be recognised during the second half of the 2014 financial year. As at 31 December 2013, the
affected assets and liabilities of Sasol Solvents Germany were classified as a disposal group held for sale.

Change in directors

Mrs TH Nyasulu retired as chairman and non-executive director of Sasol with effect from 22 November 2013. On
22 November 2013, Dr MSV Gantsho was appointed as the independent chairman of Sasol. Mr B Nqwababa was
appointed as an independent non-executive director of Sasol and a member of the audit committee with effect
from 5 December 2013.

Declaration of cash dividend number 69

An interim gross cash dividend of South African 800,00 cents per ordinary share (31 December 2012 - 570,00
cents per ordinary share) has been declared for the six months ended 31 December 2013. The interim cash
dividend is payable on the ordinary shares and the Sasol BEE ordinary shares. The dividend has been declared
out of retained earnings (income reserves). The South African dividend withholding tax rate is 15% and no
credits in terms of secondary tax on companies have been utilised. At the declaration date, there were 649
886 916 ordinary shares (including 8 809 886 treasury shares), 25 547 081 preferred ordinary shares and 2 838
565 Sasol BEE ordinary shares in issue. The net dividend amount payable to shareholders, who are not exempt
from the dividend withholding tax, is 680,00 cents per share, while the dividend amount payable to
shareholders who are exempt from dividend withholding tax is 800,00 cents per share.

The salient dates for holders of ordinary shares and BEE ordinary shares are:
Declaration date

Monday, 10 March 2014

Last day for trading to qualify for and participate in the interim dividend
(cum dividend)

Friday, 4 April 2014

Trading ex dividend commences

Monday, 7 April 2014

Record date

Friday, 11 April 2014

Dividend payment date

Monday, 14 April 2014

The salient dates for holders of our American Depository Receipts are(1):

Ex dividend on New York Stock Exchange (NYSE)

Wednesday, 9 April 2014

Record date

Friday, 11 April 2014

Approximate date of currency conversion

Tuesday, 15 April 2014

Approximate dividend payment date

Thursday, 24 April 2014

1 All dates are approximate as the NYSE sets the record date after receipt of the dividend declaration.

On Monday, 14 April 2014, dividends due to certificated shareholders on the South African registry will
either be electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates,
dividend cheques will be posted to such shareholders. Shareholders who hold dematerialised shares will have
their accounts held by their Central Securities Depository Participant (CSDP) or broker credited on Monday,
14 April 2014.

Share certificates may not be dematerialised or re-materialised between Monday, 7 April 2014 and Friday, 11
April 2014, both days inclusive.

On behalf of the board

Mandla SV Gantsho

David E Constable

Paul Victor

Chairman

Chief Executive Officer

Acting Chief Financial Officer

Sasol Limited

10 March 2014

The interim financial statements are presented on a condensed consolidated basis

Statement of financial position

half year

half year(1)

full year(1)

31 Dec 13

31 Dec 12

30 Jun 13

Rm Rm

ASSETS

Property, plant and equipment

104 324

90 512

100 989

Assets under construction

46 737

37 691

39 865

Goodwill

631 591 574

Other intangible assets

1 551

1 198

1 418

Investments in equity accounted joint ventures

8 804

8 502

8 636

Investments in associates

2 093

2 501

2 688

Post-retirement benefit assets

452

383

407

Deferred tax assets

2 435

1 377

2 318

Other long-term assets

3 407

2 487

3 208

Non-current assets

170 434

145 242

160 103

Assets in disposal groups held for sale

1 463

268

2 274

Inventories

26 241

22 353

22 619

Trade and other receivables

27 352

25 210

28 340

Short-term financial assets

1 789

627

1 526

Cash restricted for use

3 718

3 385

6 056

Cash

25 886

22 524

25 247

Current assets

86 449

74 367

86 062

Total assets

256 883

219 609

246 165

EQUITY AND LIABILITIES

Shareholders' equity

158 212

132 390

149 583

Non-controlling interests

3 512

2 956

3 310

Total equity

161 724

135 346

152 893

Long-term debt

21 893

19 776

21 340

Long-term financial liabilities

Long-term provisions

12 614

10 756

12 228

Post-retirement benefit obligations

8 783

7 761

8 813

Long-term deferred income

302

279

305

Deferred tax liabilities

17 895

14 331

15 572

Non-current liabilities

61 506

52 973

58 278

Short-term debt

1 922

7 785

1 565

Short-term financial liabilities

115

189

Other current liabilities

29 419

22 538

32 492

Bank overdraft

737

835

748

Liabilities in disposal groups held for sale

1 495

Current liabilities

33 653

31 290

34 994

Total equity and liabilities

256 883

219 609

246 165

1 Restated to reflect the adoption of the consolidation suite of accounting standards. Refer to the basis of
preparation for additional information.

Income statement

for the period ended

half year

half year(1)

full

year(1)

31 Dec 13

31 Dec 12

30 Jun 13

Rm Rm

Turnover

98 268

79 850

169 891

Materials, energy and consumables used

(44 100)

(36 533)

(76 617)

Selling and distribution costs

(2 758)

(2 348)

(5 102)

Maintenance expenditure

(4 048)

(3 698)

(7 243)

Employee related expenditure

(11 602)

(9 412)

(22 477)

Exploration expenditure and feasibility costs

(300)

(781)

(1 369)

Depreciation and amortisation

(6 683)

(5 014)

(11 121)

Other expenses, net

(3 666)

(3 126)

(4 234)

Translation gains

1 055

683

2 892

Other operating expenses

(5 244)

(4 279)

(8 889)

Other operating income

523

470

1 763

Operating profit before remeasurement items

25 111

18 938

41 728

Remeasurement items

(5 730)

(658)

(2 949)

Operating profit after remeasurement items

19 381

18 280

38 779

Share of profits of equity accounted joint ventures, net of tax

1 997

592

1 562

Share of profits of associates, net of tax

156

204

504

Profit from operations, joint ventures and associates

21 534

19 076

40 845

Net finance costs

(449) (561)

(1139)

Finance income

512 312 669

Finance costs

(961) (873)

(1 808)

Profit before tax

21 085

18 515

39 706

Taxation

(7 900)

(5 939)

(12 595)

Profit for period

13 185

12 576

27 111

Attributable to

Owners of Sasol Limited

12 710

12 157

26 274

Non-controlling interests in subsidiaries

475

419

837

13 185

12 576

27 111

Earnings per share

Rand Rand Rand

Basic earnings per share

20,88

20,10

43,38

Diluted earnings per share

20,85

20,02

43,30

1 Restated to reflect the adoption of the consolidation suite of accounting standards. Refer to the basis of
preparation for additional information.

Statement of comprehensive income

for the period ended

half year half year(1) full year(1)
31 Dec 13

31 Dec 12

30 Jun 13

Rm Rm

Profit for period

13 185

12 576

27 111

Other comprehensive income, net of tax
Items that can be subsequently reclassified to the income
statement

3 572

2 127

8 160

Effect of translation of foreign operations

3 574

2 111

8 121

Effect of cash flow hedges

(16)

Investments available-for-sale

(17)

Tax on items that can be subsequently reclassified to the income
statement

1 (6)

(22)

Items that cannot be subsequently reclassified to the income
statement

157 (225) (338)

Remeasurements on post-retirement benefit obligations

224

(324)

(497)

Tax on items that cannot be subsequently reclassified to the
income statement

(67) 99

159

Total comprehensive income for the period

16 914

14 478

34 933

Attributable to

Owners of Sasol Limited

16 431

14 059

34 079

Non-controlling interests in subsidiaries

483

419

854

16 914

14 478

34 933

1 Restated to reflect the adoption of the consolidation suite of accounting standards. Refer to the basis of
preparation for additional information.

Statement of changes in equity

for the period ended

half year half year(1)

full year(1)

31 Dec 13

31 Dec 12

30 Jun 13

Rm Rm Rm

Opening balance

152 893

127 942

Shares issued during period

220

227

727

Share-based payment expense

136

193

374

Disposal of business

291

- 7

Acquisition of business

(93)

(20)

(14)

Transactions with non-controlling shareholders in subsidiaries

(14)

Total comprehensive income for the period

16 914

14 478

34 933

Dividends paid to shareholders

(8 357)

(7 267)

(10 787)

Dividends paid to non-controlling shareholders in subsidiaries

(266)

(220)

(297)

Closing balance

161 724

135 346

152 893

Comprising
Share capital

28 931

28 211

28 711

Share repurchase programme

(2 641)

Sasol Inzalo share transaction

(22 054)

Retained earnings

132 349

117 399

127 996

Share-based payment reserve

9 020

8 702

8 883

Foreign currency translation reserve

14 001

4 232

10 235

Remeasurements on post-retirement benefit obligations

(1 431)

(1 479)

(1 585)

Investment fair value reserve

(3)

Cash flow hedge accounting reserve

Shareholders' equity

158 212

132 390

149 583

Non-controlling interests in subsidiaries

3 512

2 956

3 310

Total equity

161 724

135 346

152 893

1 Restated to reflect the adoption of the consolidation suite of accounting standards. Refer to the basis of
preparation for additional information.

Statement of cash flows
for the period ended

half year

half year(1)

31 Dec 13

31 Dec 12

Rm Rm

Cash receipts from customers

99 409

80 960

Cash paid to suppliers and employees

(71 301)

(62 241)

Cash generated from operations

28 108

18 719

Cash flow from operations

33 235

24 385

Increase in working capital

(5 127)

(5 666)

Finance income received

3 043

2 328

Finance costs paid

(255) (264)

Tax paid

(6 604)

(4 705)

Dividends paid to shareholders

(8 357)

(7 267)

Cash generated by operating activities

15 935

8 811

Additions to non-current assets

(19 896)

(13 817)

Acquisition of interests in joint ventures

(721)

Disposal of businesses

2 319

Additional investment in equity accounted joint ventures

(55)

(361)

Acquisition of interests in associates

(519)

(199)

Repayment of capital from associate

274

399

Other net cash flows from investing activities

390

464

Cash used in investing activities

(17 487)

(14 235)

Share capital issued

220 227

Contributions from non-controlling shareholders

Dividends paid to non-controlling shareholders

(266)

(220)

Proceeds from long-term debt

239 8 567

Repayments of long-term debt

(962) (776)

Proceeds from short-term debt

993 7 100

Repayments of short-term debt

(763) (587)

Cash (used in)/ generated by financing activities

(539)

14 338

Translation effects on cash and cash equivalents of foreign operations

454

192

(Decrease)/increase in cash and cash equivalents

(1 637)

9 106

Cash and cash equivalents at beginning of period

30 555

15 997

Net reclassification to held for sale

(51)

(29)

Cash and cash equivalents at end of period

28 867

25 074

1 Restated to reflect the adoption of the consolidation suite of accounting standards. Refer to the basis of
preparation for additional information.

Salient features
for the period ended

half year half year(1)

full year(1)

31 Dec 13

31 Dec 12

30 Jun 13

Selected ratios

Return on equity

17,5*

19,2*

19,1

Return on total assets

18,5*

18,9*

18,7

Operating profit margin

19,7

22,9

22,8

Finance costs cover

times

86,5

73,4

79,5

Dividend cover

times

2,6

3,5

2,3

*Annualised

Share statistics

Total shares in issue

million

678,2

674,6

677,2

Sasol ordinary shares in issue

million

649,9

646,2

648,8

Treasury shares (share repurchase programme)

million

8,8

Weighted average number of shares

million

608,7

604,9

605,7

Diluted weighted average number of shares

million

609,5

607,1

606,8

Share price (closing)

Rand

514,50

362,80

431,54

Market capitalisation - Sasol ordinary shares

334 374

234 441

279 983

Market capitalisation - Sasol BEE ordinary shares

1 064

809

871

Net asset value per share

Rand

260,95

219,66

247,12

Dividend per share

Rand

8,00

5,70

19,00

- interim

Rand

8,00

5,70

- final

Rand - -

13,30

Other financial information

Total debt (including bank overdraft)

24 552

28 396

23 653

- interest bearing

23 991

27 894

23 111

- non-interest bearing

561

502

542

Finance expense capitalised

250

146

300

Capital commitments - Property, plant and equipment
(subsidiaries and joint operations)

59 797

62 707

66 061

- authorised and contracted

70 747

56 454

62 330

- authorised, not yet contracted

38 886

42 850

44 244

- less expenditure to date

(49 836)

(36 597)

(40 513)

Capital commitments - Property, plant and equipment
(equity accounted joint ventures and

associates)

Rm 953 983

617

- authorised and contracted

1 221

1 178

880

- authorised, not yet contracted

400

402

438

- less expenditure to date

(668)

(597)

(701)

Guarantees and contingent liabilities

- total amount

43 356

39 398

42 701

- liability included in the statement of financial
position

21 995

19 816

21 271

Significant items in operating profit

- restructuring costs

190

- share-based payment expenses

1 210

439

2 038

Sasol share incentive schemes

1 074

248

1 666

Sasol Inzalo share transaction

136

191

372

1 Restated to reflect the adoption of the consolidation suite of accounting standards. Refer to the basis of
preparation for additional information.

Effective tax rate

37,5

32,1

31,7

Number of employees (excluding equity accounted joint
ventures and associates)

number

34 188

33 562

34 044

Average crude oil price - dated Brent

US$/barrel

109,83

109,81

108,66

Average rand/US$ exchange rate

1US$ = Rand

10,08

8,48

8,85

Closing rand/US$ exchange rate

1US$ = Rand

10,50

8,46

9,88

Reconciliation of headline earnings

Earnings attributable to owners of Sasol Limited

12 710

12 157

26 274

Effect of remeasurement items for subsidiaries and
joint operations

730

658

2 949

Impairment of property, plant and equipment(2)

3 265

148

206

Impairment of assets under construction(2)

2 625

2 096

Impairment of other intangible assets

131

Other impairments

Reversal of impairment

(10)

(33)

(Profit)/loss on disposal of non-current assets

(10)

Net profit on disposal of investment in businesses

(255)

Fair value gain on acquisition of businesses

(110)

(245)

(318)

Scrapping of non-current assets

135

339

Write off of unsuccessful exploration wells

428

469

Tax effects and non-controlling interests

(77)

(117)

(752)

Effect of remeasurement items for equity accounted
joint ventures and associates

Gross remeasurement items

1 963

3 538

Tax effects

(139)

(140)

Headline earnings

18 375

14 522

31 869

2 The impairment relates mainly to the write-down of our shale gas assets in Canada of R5,3 billion
due to the decline in gas prices in North America and the valuation of recent market transactions for
similar assets in the Montney region.

Remeasurement items per above

Mining

(5)

Gas

(453)

Synfuels

22 43

Oil

12 60

Synfuels International

(7)

Petroleum International

5 478

449

428

Polymers

109 1

988 3 572

Solvents

486 243

341

Olefins & Surfactants

Other chemical businesses

1 815

Other businesses

(187)

112

Remeasurement items

5 742

2 621

6 487

Headline earnings per share

Rand

30,19

24,01

52,62

Diluted headline earnings per share

Rand

30,04

23,89

52,53

1 Restated to reflect the adoption of the consolidation suite of accounting standards. Refer to the basis of
preparation for additional information. The reader is referred to the definitions contained in the 2013 Sasol
Limited annual financial statements.

BASIS OF PREPARATION

The condensed consolidated interim financial statements for the six months ended 31 December 2013 have been
prepared in accordance with International Financial Reporting Standard, IAS 34 Interim Financial Reporting,
the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial
Pronouncements as issued by the Financial Reporting Standards Council, as well as the requirements of the
South African Companies Act, 2008, as amended.

The condensed consolidated interim financial statements do not include all the disclosure required for
complete annual financial statements prepared in accordance with International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standards Board.

These condensed consolidated interim financial statements have been prepared in accordance with the historic
cost convention except that certain items, including derivative instruments, liabilities for cash-settled
share-based payment schemes, financial assets at fair value through profit or loss and available-for-sale
financial
assets, are stated at fair value.

The condensed consolidated interim financial statements are presented in South African rand, which is Sasol
Limited's functional and presentation currency.

The condensed consolidated interim financial statements appearing in this announcement are the responsibility
of the directors. The directors take full responsibility for the preparation of the condensed consolidated
interim financial statements. Paul Victor CA(SA), Acting Chief Financial Officer, is responsible for this set
of condensed consolidated interim financial statements and has supervised the preparation thereof in
conjunction with the Acting Executive: Group Finance, Nina Stofberg CA(SA).

ACCOUNTING POLICIES

The accounting policies applied in the preparation of these condensed consolidated interim financial
statements are in terms of IFRS and are consistent with those applied in the consolidated annual financial
statements for the year ended 30 June 2013, except as follows:

The consolidation suite of standards, namely IFRS 10, Consolidated Financial Statements (IFRS 10), IFRS 11,
Joint Arrangements (IFRS 11) and IFRS 12, Disclosure of Interests in Other Entities (IFRS 12) became
effective for annual periods beginning on or after 1 January 2013. Accordingly, Sasol adopted these new
accounting standards on 1 July 2013 which resulted in a restatement of the group's previously reported
results for the years ended 30 June 2013 and the six months ended 31
December 2012.

IFRS 10, Consolidated Financial Statements

IFRS 10 replaces IAS 27, Consolidated and Separate Financial Statements, that addresses the accounting for
consolidated financial statements and SIC-12, Consolidation - Special Purpose Entities. IFRS 10 provides a
single basis for consolidation with new criteria to determine whether entities, in which the group has an
interest, should be consolidated. The adoption of IFRS 10 has resulted in an existing subsidiary, National
Petroleum Refiners of South Africa (Pty) Ltd (Natref), in which the group has a 64% interest, being accounted
for as a joint operation using the line-by-line consolidation method. The change from full consolidation to
reflecting Sasol's 64% interest is not considered material. No other material subsidiaries within the group
were affected. The group has applied IFRS 10 retrospectively in accordance with the transition provisions and
the results for the years ended 30 June 2013 and the six months ended 31 December 2012 have been restated
accordingly.

IFRS 11, Joint Arrangements

IFRS 11 replaces IAS 31, Interests in Joint Ventures, and SIC-13, Jointly-controlled Entities - Non-monetary
Contributions by Venturers and changes the classification for joint arrangements.

Under IFRS 11, a joint arrangement is classified as either a joint operation or a joint venture based on the
rights and obligations of the parties to the arrangement, the legal form of the joint arrangement and when
relevant, other facts and circumstances. IFRS 11 removes the option to proportionately consolidate joint
ventures and instead, all interests in joint arrangements that meet the definition of a joint venture under
IFRS 11 must be accounted for using the equity method.

The adoption of IFRS 11 has resulted in the following changes:

Sasol's

interest

(%)

Previous classification

Revised classification

ORYX GTL

Proportionately consolidated

Equity accounted

Sasol-Huntsman GmbH & co KG

Proportionately consolidated

Equity accounted

Petlin (Malaysia) Sdn. Bhd

Proportionately consolidated

Equity accounted

Uzbekistan GTL LLC

44,5

Proportionately consolidated

Equity accounted

Arya Sasol Polymer
Company(1)

Proportionately consolidated

Equity accounted

Merisol LP(2)

Proportionately consolidated

Equity accounted

1 The group disposed of its investment in Arya Sasol Polymer Company in August 2013. The comparative periods

for the years ended 30 June 2013 and the six months ended 31 December 2012 have been restated in accordance
with IFRS 11 to include this investment as an equity accounted joint venture.

2 In December 2012, Sasol acquired the remaining 50% shareholding in Merisol. Accordingly, this investment

was accounted for as a 100% subsidiary from 31 December 2012.

All other joint arrangements (including Sasol Canada and Natref) will continue to be accounted for using the
line-by-line consolidation method.

IFRS 12, Disclosure of Interests in Other Entities

IFRS 12 sets out the requirements for disclosures relating to an entity's interest in subsidiaries, joint
arrangements, associates and structured entities. None of these disclosures are applicable for the condensed
consolidated interim financial statements, unless required as a result of significant events and transactions
in the period. Accordingly these disclosures will be provided in the group's annual financial statements for
the year ending 30 June 2014.

Impact of accounting policy changes on the group's results

As discussed above, the group has restated the financial performance and position for the six months ended 31
December 2012 and for the year ended 30 June 2013 to reflect the adoption of IFRS 10 and IFRS 11. The
quantitative impact of adopting these standards on the prior year condensed consolidated financial statements
is set out in the tables below.

Adjustments to the consolidated statements of financial position

Condensed consolidated statement of financial position
at 31 December 2012

Effect

As of adopting

previously IFRS 10 and

reported IFRS 11

Restated

Rm Rm

ASSETS

Property, plant and equipment

99 149

(8 637)

90 512

Assets under construction

38 452

(761)

37 691

Investments in equity accounted joint ventures

8 502

Investments in associates

2 487

2 501

Other non-current assets(1)

6 306

(270)

6 036

Non-current assets

146 394

(1 152)

145 242

Inventories

24 069

(1 716)

22 353

Trade and other receivables

26 128

(918)

25 210

Cash

28 147

(2 238)

25 909

Other current assets(2)

864 31

895

Current assets

79 208

(4 841)

74 367

Total assets

225 602

(5 993)

219 609

EQUITY AND LIABILITIES

Shareholders' equity

132 428

(38)

132 390

Non-controlling interests

3 294

(338)

2 956

Total equity

135 722

(376)

135 346

Long-term debt

21 402

(1 626)

19 776

Long-term provisions

10 991

(235)

10 756

Other non-current liabilities(3)

23 135

(694)

22 441

Non-current liabilities

55 528

(2 555)

52 973

Trade payables and accrued expenses

24 245

(1 707)

22 538

Other current liabilities

10 107

(1 355)

8 752

Current liabilities

34 352

(3 062)

31 290

Total equity and liabilities

225 602

(5 993)

219 609

1 Other non-current assets comprises of goodwill, other intangible assets, investment in securities, post-

retirement benefit assets, long-term receivables and prepaid expenses, long-term financial assets and
deferred tax. The adoption of IFRS 10 and IFRS 11 did not have a material impact on these items.

2 Other current assets comprises of assets in a disposal group held for sale, tax receivable, prepaid

expenses and short-term financial assets. The adoption of IFRS 10 and IFRS 11 did not have a material
impact on these items.

3 Other non-current liabilities comprises of long-term financial liabilities, post-retirement benefit

obligations, long-term deferred income and deferred tax liabilities. The adoption of IFRS 10 and IFRS 11
did not have a material impact on these items.

Condensed consolidated statement of financial position
at 30 June 2013

Effect of

As adopting

previously

IFRS 10 and

reported IFRS 11

Restated

Rm Rm

ASSETS

Property, plant and equipment

108 070

(7 081)

100 989

Assets under construction

41 244

(1 379)

39 865

Investments in equity accounted joint ventures

8 636

Investments in associates

2 676

2 688

Other non-current assets(1)

7 903

7 925

Non-current assets

159 893

210

160 103

Inventories

24 056

(1 437)

22 619

Trade and other receivables

29 003

(663)

28 340

Cash

32 713

(1 410)

31 303

Other current assets(2)

3 830

(30)

3 800

Current assets

89 602

(3 540)

86 062

Total assets

249 495

(3 330)

246 165

EQUITY AND LIABILITIES

Shareholders' equity

149 625

(42)

149 583

Non-controlling interests

3 650

(340)

3 310

Total equity

153 275

(382)

152 893

Long-term debt

22 357

(1 017)

21 340

Long-term provisions

12 397

(169)

12 228

Other non-current liabilities(3)

25 341

(631)

24 710

Non-current liabilities

60 095

(1 817)

58 278

Trade payables and accrued expenses

33 477

(985)

32 492

Other current liabilities

2 648

(146)

2 502

Current liabilities

36 125

(1 131)

34 994

Total equity and liabilities

249 495

(3 330)

246 165

1 Other non-current assets comprises of goodwill, other intangible assets, investment in securities, post-

retirement benefit assets, long-term receivables and prepaid expenses, long-term financial assets and
deferred tax. The adoption of IFRS 10 and IFRS 11 did not have a material impact on these items.

2 Other current assets comprises of assets in a disposal group held for sale, tax receivable, prepaid

expenses and short-term financial assets. The adoption of IFRS 10 and IFRS 11 did not have a material
impact on these items.

3 Other non-current liabilities comprises of long-term financial liabilities, post-retirement benefit

obligations, long-term deferred income and deferred tax liabilities. The adoption of IFRS 10 and IFRS 11
did not have a material impact on these items.

Adjustments to the consolidated income statements
Condensed consolidated income statement
for the period ended 31 December 2012

Effect of

As adopting

previously

IFRS 10 and

reported IFRS 11

Restated

Rm Rm Rm

Turnover

85 440

(5 590)

79 850

Materials, energy and consumables used

(37 001)

468

(36 533)

Selling and distribution costs

(2 479)

131

(2 348)

Maintenance expenditure

(4 427)

729

(3 698)

Employee related expenditure

(9 915)

503

(9 412)

Exploration expenditure and feasibility costs

(777)

(4)

(781)

Depreciation and amortisation

(5 445)

431

(5 014)

Other expenses, net

(3 841)

715

(3 126)

Translation gains/(losses)

(299)

982

683

Other operating expenses

(4 151)

(128)

(4 279)

Other operating income

609

(139)

470

Operating profit before remeasurement items

21 555

(2 617)

18 938

Remeasurement items

(2 621)

1 963

(658)

Operating profit after remeasurement items

18 934

(654)

18 280

Share of profits of equity accounted joint ventures, net of tax

592

Share of profits of associates, net of tax

204

Profit from operations, joint ventures and associates

19 138

(62)

19 076

Net finance costs

(654) 93

(561)

Profit before tax

18 484

18 515

Taxation

(5 876)

(63)

(5 939)

Profit for the period

12 608

(32)

12 576

Attributable to

Owners of Sasol Limited

12 157

Non-controlling interests in subsidiaries

451

(32)

419

12 608

(32)

12 576

Condensed consolidated income statement
for the year ended 30 June 2013

Effect of

As adopting

previously

IFRS 10 and

reported

IFRS 11

Restated

Rm Rm

Turnover

181 269

(11 378)

169 891

Materials, energy and consumables used

(77 538)

921

(76 617)

Selling and distribution costs

(5 371)

269

(5 102)

Maintenance expenditure

(7 544)

301

(7 243)

Employee related expenditure

(23 476)

999

(22 477)

Exploration expenditure and feasibility costs

(1 354)

(15)

(1 369)

Depreciation and amortisation

(12 030)

909

(11 121)

Other expenses, net

(6 841)

2 607

(4 234)

Translation gains

899 1 993

2 892

Other operating expenses

(9 692)

803

(8 889)

Other operating income

1 952

(189)

1 763

Operating profit before remeasurement items

47 115

(5 387)

41 728

Remeasurement items

(6 487)

3 538

(2 949)

Operating profit after remeasurement items

40 628

(1 849)

38 779

Share of profits of equity accounted joint ventures, net of tax

1 562

Share of profits of associates, net of tax

445

504

Profit from operations, joint ventures and associates

41 073

(228)

40 845

Net finance costs

(1 294)

155

(1 139)

Profit before tax

39 779

(73)

39 706

Taxation

(12 597)

(12 595)

Profit for year

27 182

(71)

27 111

Attributable to

Owners of Sasol Limited

26 278

(4)

26 274

Non-controlling interests in subsidiaries

904

(67)

837

27 182

(71)

27 111

Adjustments to the consolidated statement of cash flows

Condensed consolidated statement of cash flows
for the period ended 31 December 2012

Effect of

As adopting

previously

IFRS 10 and

reported IFRS 11

Restated

Rm Rm

Cash generated from operations

21 435

(2 716)

18 719

Net finance income

154 1 910

2 064

Tax paid

(4 745)

(4 705)

Dividends paid

(7 267)

Cash generated by operating activities

9 577

(766)

8 811

Additions to non-current assets

(14 350)

533

(13 817)

Acquisition of new or additional interests in joint ventures

(721)

(361)

(1 082)

Acquisition of new or additional investments in associates

(199)

Other net cash flows from investing activities

906

(43)

863

Cash used in investing activities

(14 364)

129

(14 235)

Share capital issued on implementation of share options

227

Contributions from non-controlling shareholders in subsidiaries

Dividends paid to non-controlling shareholders in subsidiaries

(248)

(220)

Net movement in long-term debt

7 522

269

7 791

Net movement in short-term debt

6 513

Cash generated by financing activities

14 041

297

14 338

Translation effects on cash and cash equivalents of foreign
operations

249 (57) 192

Increase in cash and cash equivalents

9 503

(397)

9 106

Cash and cash equivalents at beginning of the period

17 838

(1 841)

15 997

Net reclassification to held for sale

(29)

Cash and cash equivalents at end of the period

27 312

(2 238)

25 074

Other elements of the financial statements

The adoption of IFRS 10 and IFRS 11 did not have a significant impact on the statement of changes in equity
or the statement of comprehensive income for the years ended 30 June 2013 and the six months ended 31
December 2012.

RELATED PARTY TRANSACTIONS

The group, in the ordinary course of business, entered into various sale and purchase transactions on an
arm's length basis at market rates with related parties.

INDEPENDENT REVIEW BY THE AUDITORS

These condensed consolidated interim financial statements, including the segment report, for the six months
ended 31 December 2013 have been reviewed by PricewaterhouseCoopers Inc., who expressed an unmodified
conclusion thereon. The individual auditor assigned to perform the review is Mr PC Hough. A copy of the
auditor's unmodified review report on the condensed consolidated interim financial statements is available
for inspection at the company's registered office, together with the condensed consolidated interim financial
statements identified in the auditor's report. The auditor's report does not necessarily report on all of the
information contained in this announcement of interim financial results. Shareholders are therefore advised
that in order to obtain a full understanding of the nature of the auditor's engagement they should obtain a
copy of the auditor's report together with the accompanying condensed consolidated interim financial
statements from the company's registered office.

Registered office: Sasol Limited, 1 Sturdee Avenue, Rosebank, Johannesburg 2196 PO Box 5486, Johannesburg
2000, South Africa

Share registrars: Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg 2001 PO Box
61051, Marshalltown 2107, South Africa, Tel: +27 11
370-7700 Fax: +27 11 370-5271/2

JSE sponsor: Deutsche Securities (SA) Proprietary Limited

Directors (non-executive): Dr MSV Gantsho* (Chairman), Mr C Beggs*, Mr HG Dijkgraaf (Dutch)*, Ms IN Mkhize*,
Mr ZM Mkhize*, Mr MJN Njeke*, Mr B Nqwababa*, Mr PJ Robertson (British and American)*, Prof JE Schrempp
(German)#, Mr S Westwell (British)* (executive): Mr DE Constable (Chief Executive Officer) (Canadian), Mr P
Victor (Acting Chief Financial Officer), Ms VN Fakude *Independent #Lead independent director

Company secretary: Mr VD Kahla

Company registration number: 1979/003231/06, incorporated in the Republic of South Africa

Income tax reference number: 9520/018/60/8

JSE

NYSE

Sasol Ordinary shares: Share code:

SOL

SSL

ISIN: ZAE000006896

US8038663006

Sasol BEE Ordinary shares:

Share code:

SOLBE1

ISIN: ZAE000151817

American depositary receipts (ADR) program:
Cusip number 803866300 ADR to ordinary share 1:1

Depositary: The Bank of New York Mellon, 22nd floor, 101 Barclay Street, New York, NY 10286, USA

Disclaimer - Forward-looking statements: Sasol may, in this document, make certain statements that are not
historical facts and relate to analyses and other information which are based on forecasts of future results
and estimates of amounts not yet determinable. These statements may also relate to our future prospects,
developments and business strategies. Examples of such forward-looking statements include, but are not
limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total
shareholder return and cost reductions. Words such as "believe", "anticipate", "expect", "intend", "seek",
"will", "plan", "could", "may", "endeavour" and "project" and similar expressions are intended to identify
such forward-looking statements, but are not the exclusive means of identifying such statements. By their
very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific,
and there are risks that the predictions, forecasts, projections and other forward-looking statements will
not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect,
our actual results may differ materially from those anticipated. You should understand that a number of
important factors could cause actual results to differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully
in our most recent annual report under the Securities Exchange Act of 1934 on Form 20-F filed on 9 October
2013 and in other filings with the United States Securities and Exchange Commission. The list of factors
discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions,
you should carefully consider both these factors and other uncertainties and events. Forward-looking
statements apply only as of the date on which they are made, and we do not undertake any obligation to update
or revise any of them, whether as a result of new information, future events or otherwise.

Please note: A billion is defined as one thousand million. All references to years refer to the financial
year ended 30 June. Any reference to a calendar year is prefaced by the word "calendar".

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant, Sasol Limited, has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 10, 2014

By:

/s/ V D Kahla

Name:

Vuyo Dominic Kahla

Title:

Company Secretary